BlackSquare Inc, an e-commerce platform for the wine and spirits industry, has closed a follow-on financing round. The investment’s value was not disclosed. The backers included the Accelerate Fund, an angel co-investment fund managed by AVAC, and several angel investors. Founded in 2009, Calgary-based BlackSquare has created technology to help global wine producers handle regulatory and compliance reporting, and support customer engagement and revenue streams. The funds raised will enable it to expand and develop its global wine database. BlackSquare previously received financing from HorizonOne Asset Management.
The Accelerate Fund announces investment in BlackSquare
Edmonton, Canada – The Accelerate Fund is proud to announce the closing of a funding round in BlackSquare Inc., the creator of Blackboxx, a specialized eCommerce platform solution for the wine industry.
Using Blackboxx, wine producers can offer a direct-to-consumer eCommerce solution that handles the complexity of regulatory and compliance reporting, with marketing tools that improve customer engagement and enable recurring revenue streams.
“As consumers, we have all become comfortable with eCommerce,” says Martin Vetter, General Partner and Director of the Accelerate Fund, an early-stage, angel co-investment fund managed by AVAC Ltd. “But the regulatory complexity of the global wine industry requires a different solution. The way in which BlackSquare delivers value to both producers and consumers makes this an exciting venture for the Accelerate Fund to be invested in.”
“We are excited to announce this new investment from Accelerate Fund and our angel investors,” said Matthew Protti, CEO and Co-Founder of BlackSquare. “This funding will allow us to continue to innovate in an industry vertical which requires unique solutions. With products such as Blackboxx and the Global Wine Database, we’re enabling technological change in what has been a traditional industry.”
BlackSquare is in market in North America, Australia, Asia and Europe, and has major wine producers realizing substantial ROI advantages over generic and in-house custom eCommerce solutions. The funding from the Accelerate Fund, along with investment from many existing investors, will enable BlackSquare to expand the existing business, including into beer and spirits, and development of the Global Wine Database.
To learn more about the Accelerate Fund, please visit www.AccelerateFund.ca. To learn more about BlackSquare, please visit www.BlackSquare.io.
Accelerate Fund/AVAC Ltd.
About The Accelerate Fund:
The Accelerate Fund is an angel co-investment fund, managed by AVAC Ltd., which invests in promising Alberta technology companies. Investments are consistent with common venture capital investing practices, utilizing an array of equity and debt instruments. AVAC Ltd. performs due diligence, makes investment decisions, and provides ongoing support to portfolio companies on behalf of the Fund. In support of the funded companies, the Accelerate Fund Industry Committee, an advisory network managed by the A100, was designed to provide additional “hands-on” resources to the portfolio companies. Alberta Enterprise Corporation is the Accelerate Fund’s Limited Partner.
www.acceleratefund.ca | www.avacltd.com
Photo courtesy of BlackSquare Inc